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Tuesday, December 1, 2020

Sensex, Nifty Resume Up Move After A Day’s Pause Led By IT, Banking Shares

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The S&P BSE Sensex and NSE Nifty 50 indexes resumed their up move after a day’s pause in the previous session led by gains in information technology, banking and telecom shares. The benchmarks opened higher but turned negative as banking shares witnessed selling pressure. However, late buying in banking and financial services shares led to recovery in the last hour of trading. The Sensex rose over 400 points at the day’s highest level and Nifty 50 index touched an intraday high of 12,892.45 before hitting an intraday low of 12,730.25.

The Sensex ended 282 points higher at 43,882 and Nifty 50 index rose 87 points to close at 12,859.

All the 19 sector gauges, barring the index of energy shares, ended higher led by the S&P BSE Telecom index’s nearly 5 per cent gain. FMCG, consumer durables, power, banking, auto and IT indexes also rose between 1-2.8 per cent each.

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Mid- and small-cap shares also witnessed buying interest as the S&P BSE MidCap index climbed 1.22 per cent and S&P BSE SmallCap index advanced 0.77 per cent.

Gland Pharma shares made a strong market debut on Friday (November 20). The shares opened for trading at Rs 1,701 on BSE against issue price of Rs 1,500, listing at a premium of 13.4 per cent. The stock surged as much as 23 per cent from issue price to hit an intraday high of Rs 1,850. The pharmaceutical company’s initial public offer (IPO), which closed on November 11, was subscribed two times.

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Bajaj Finserv was top Nifty gainer, the stock rose 9.27 per cent to close at Rs 8,548. Titan advanced 5.4 per cent to close at fresh 52-week high of Rs 1,362 after the company informed exchanges that its jewellery business recorded growth in festive season despite the ongoing Covid-19 pandemic.

Bajaj Finance, Bharti Airtel, Kotak Mahindra Bank, HDFC Life, Nestle India, Grasim Industries, NTPC, HDFC Bank, HCL Technologies, ITC and Tech Mahindra also between rose 2-4 per cent.

On the flipside, Reliance Industries was top Nifty loser, the stock fell 3.66 per cent to close at Rs 1,901. Adani Ports, IndusInd Bank, Axis Bank, Sun Pharma, ONGC, Coal India, Dr Reddy’s Labs, Hindustan Unilever, Larsen & Toubro, ICICI Bank, Cipla, Bharat Petroleum and SBI Life were also among the losers.

The overall market breadth was positive as 1,544 shares ended higher while 1,242 closed lower on the BSE.

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